Weekly Forex Report by www.epicresearch.co 11th March 2013

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indore, India (prHWY.com) March 11, 2013 - HEADLINE
US dollar ends sharply cheaper against Rupee
The US dollar ended sharply cheaper against the rupee at 54.28/28 per dollar and the Pound Sterling also finished lower at Rs 81.58/60 per pound at the close of the Interbank Foreign Exchange Market (Forex) today. Following are the Interbank Forex and RBI rates: (In Rs Per Unit) Unit Interbank RBI Reference US Dollar 54.28/29 US Dollar Rs 54.4035 Pound Sterling 81.58/60 Euro Rs 71.2385 Euro 71.22/24 Japanese Yen(100) 56.72/74.
Forex reserves down by $ 1.34 billion to $ 290.57 billion
Forex reserves continued their slide for the third consecutive week, slipping by $ 1.34 billion to $ 290.57 billion on a dip in currency assets and gold reserves, the Reserve Bank said today. The total foreign exchange reserves had declined by $ 1.60 billion to $ 291.92 billion in the previous reporting week. Foreign currency assets, a major component of the forex reserves, were down by $ 621.1 million to $ 257.61 billion for the week ended March 1, Reserve Bank's weekly statistical supplement said today.
Dollar hits 3-1/2 year high vs yen on strong data bets
The dollar hit a 3-1/2-year high against the yen and rose versus a basket of currencies on Friday, buoyed by expectations of better U.S. jobs data that would add to signs of recovery in the world's largest economy.
RBI REFERENCE RATE
As on 8 MARCH 2013
UNDERLYING RATE
USDINR 54.4035
EURINR 71.2385
GBPINR 81.5672
JPYINR 57.0600
ANALYSIS
DAILY USD/INR
OPEN: 54.9800
HIGH: 55.1000
LOW: 54.2700
CLOSE: 54.3100
* USD/INR LOOKS SIDEWAYS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS

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